Silver Price Analysis: XAG/USD cracks below the 20/50-DMA, hovers around $22.50s

NEW YORK (November 8) Silver price is almost flat during Wednesday’s North American session, as US Treasury bond yields halted its decline, while the Greenback (USD) prints minuscule gains of 0.01%, as shown by the US Dollar Index (DXY). At the time of writing, the XAG/USD is trading at $22.59, after seesawing in a $22.31/$22.84 range, unable to reach the $23.00 mark.

From a technical perspective, XAG/USD is neutral to downward bias and would extend its losses once it achieves a daily close below the latest cycle low seen on October 26, a swing low of $22.44. In that outcome, the grey metal would shift downwards. Therefore, key support levels could be challenged, with the $22.00 figure, the first line of defense for Silver Bulls, followed by $21.50, followed by the $21.00 mark.

On the flip side, buyers must reclaim the 50-day moving average (DMA) at $22.75, followed by the 20-DMA at $22.84, followed by the $23.00 mark.

FXStreet